Timberlake in group bid to revitalise MySpace image

POP star Justin Timberlake is part of a group that will buy MySpace from News Corp, a bid to add some cool to a social network that has been losing it for some time.

Timberlake in group bid to revitalise MySpace image

Timberlake will become a part owner and play “a major role in developing the creative direction and strategy for the company,” according to Specific Media, the company he will partner with.

The deal is for $35 million, mostly in Specific Media stock, according to a person familiar with the matter. The deal values MySpace at a fraction of what Rupert Murdoch’s News Corp paid for the site six years ago and paves the way for the layoff of about half of the 500 workers, the person said. As part of the exchange, News Corp will receive a private equity stake in Specific Media.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €130 €65

Best value

Monthly €12€6 / month

More in this section

Lunchtime News

Newsletter

Keep up with stories of the day with our lunchtime news wrap and important breaking news alerts.

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited